by The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn or Million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wood paints and coatings are used for decorative and protective purposes on wood substrates. They provide aesthetic beauty, durability and protect wood from damage caused by weather, UV radiation, insects and microorganisms. These coatings shield wood from deterioration and prolong its life.
Market key trends:
One of the key trends in the wood paints and coatings market is the rising demand for eco-friendly and low VOC products. With increasing health and environmental concerns, consumers are preferring sustainable wood coatings free from toxic chemicals. Major players are focusing on developing bio-based formulations with plant-derived ingredients which emit negligible volatile organic compounds. For example, BASF has introduced Nxtgen waterborne wood coatings made from renewable raw materials with very low VOC content. Such environment-friendly product launches are expected to support market growth over the forecast period.
SWOT Analysis
Strength: Wood paints and coatings protect wood surfaces from damage caused by water, moisture, sun rays etc. Their durable and long-lasting nature makes wooden furniture and structures highly durable.
Weakness: Some wood paints and coatings contain volatile organic compounds (VOCs) that emit gases which are harmful to human health and the environment. Strict environmental regulations related to VOC emissions may hamper the market growth.
Opportunity: Increasing renovations and remodeling activities of residential and commercial buildings offer significant growth opportunities. Rapid urbanization and growth in construction industry also drives the demand.
Threats: Fluctuations in raw material prices especially of resins and pigments poses threat. Development of green and eco-friendly wood coatings is a challenge for players due to high R&D costs involved.
Key Takeaways
The global Wood Paints And Coatings Market Trends is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing construction activities globally. The market size for 2023 is US$ 9.58 Mn.
Regional analysis: Asia Pacific region dominates the market and is expected to grow at fastest rate owing to rapid infrastructural development and growing population in major countries like China and India. Growing construction industries in Southeast Asian countries also support market growth. Europe and North America are other major markets for wood paints and coatings.
Key players operating in the wood paints and coatings are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. Key players are focused on developing new eco-friendly products with low VOC content through extensive R&D activities. Partnerships and acquisitions are other strategies adopted by players to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
